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Europe Top News and Analysis Switzerland

  • ZURICH, Oct 3- Swiss engineering group ABB. said on Wednesday it has won an order worth around $115 million from Saudi Electricity Company to improve the reliability of the transmission grid that feeds major Saudi railway interconnections.

  • MADRID, Oct 3- Spain's corporate tax take has tumbled by almost two thirds from pre-crisis levels as small businesses fail and a growing number of big corporations seek profits abroad to compensate for the prolonged downturn at home.

  • ZURICH, Oct 3- Swiss stocks were set to open slightly weaker on Wednesday as gloomy economic data from China and uncertainty over the Spanish debt crisis were somewhat offset by continuing underlying monetary support from central banks around the world.

  • ZURICH, Oct 3- Swatch Group SA, the world's largest watchmaker, intends to keep production in Switzerland despite the strength of the franc, its chief executive was quoted as saying. "We want to keep the companies, the jobs and the production in Switzerland," Swatch Group CEO Nick Hayek was quoted saying in a preview of Thursday's edition of Handelszeitung. "

  • *Germany's Cal 13 falls to three-month low on data. Germany's benchmark electricity contract for 2013 delivery hit a three-month low on the back of lower oil prices and gloomy macro-economic data. Germany's baseload contract for Thursday delivery rose 2.13 euros to 44.5 euros per megawatt hour.

  • OBERHOFEN, Switzerland-- The International Ski Federation says organizers have cancelled a Snowboard World Cup scheduled at Stockholm on Nov. 17 "due to economical reasons." Snowboarders start earning points at World Cups this season to qualify for the Sochi Winter Olympics in February 2014.

  • By Sarah N. Lynch and Alexandra Alper. WASHINGTON, Oct 2- Two Senate Republicans on Tuesday slammed Treasury Secretary Timothy Geithner for failing to wean U.S. firms off a key British benchmark interest rate that he knew was being rigged, resulting, the lawmakers said, in costly litigation that hurts American taxpayers.

  • LONDON, Oct 3- The price paid by wealth managers to buy up assets from rivals has halved in the last two years, showing that in a rush to buy market share, buyers can drive harder bargains, research has found.

  • By Sarah N. Lynch and Alexandra Alper. WASHINGTON, Oct 2- Two Senate Republicans on Tuesday slammed Treasury Secretary Timothy Geithner for failing to wean U.S. firms off a key British benchmark interest rate that he knew was being rigged, resulting, the lawmakers said, in costly litigation that hurts American taxpayers.

  • Grassley's letter comes as the Justice Department, Commodity Futures Trading Commission and the United Kingdom's Financial Services Authority continue to probe whether banks colluded to manipulate the London interbank offered rate, which underpins trillion of dollars in contracts and loans-- from U.S. mortgages to Japanese interest-rate swaps.

  • Reinsurers sold $3.8 billion of protection through the credit default swap market last year, down sharply from a peak of $20.3 billion in 2003, the International Association of Insurance Supervisors said in a report.

  • NYON, Switzerland-- UEFA says United States- backed agency CAA Eleven has bought exclusive commercial rights to all its European Championship and World Cup qualifying matches, plus the Euro 2016 tournament.

  • JERUSALEM-- He has been the poster boy for Israel's powerhouse technology industry and a leading proponent of a great dream _ to end the world's addiction to oil. But on Tuesday, Shai Agassi stepped down as chief executive of Better Place, the Israel- based electric car company he founded with great fanfare five years ago.

  • BRUSSELS, Oct 2- Europe's nuclear reactors need investment of 10- 25 billion euros, a draft European Commission report said, following a safety review designed to ensure a disaster like Japan's Fukushima cannot happen.

  • BRUSSELS, Oct 2- Europe's nuclear reactors need investment of 10- 25 billion euros, a draft European Commission report said, following a safety review designed to ensure a disaster like Japan's Fukushima cannot happen.

  • NEW YORK-- ArQule Inc. stock lost more than half its value in Tuesday trading after the company said it stopped a clinical trial of its cancer drug tivantinib because the therapy was not improving survival in lung cancer patients.

  • *Austria, Britain deals can come into force in January. ZURICH, Oct 2- Switzerland will not hold a November referendum on deals with Germany, Britain and Austria to tax secret bank accounts after opponents of the agreements failed to gather enough signatures to force a vote, the government said.

  • GENEVA-- Opponents of Switzerland's tax agreements with Germany, Austria and Britain have failed to gather enough signatures needed to hold three popular referendums that could have defeated the deals.

  • *Nearby prices down in Germany, France. France's day-ahead contract was 4.50 euros down on the day at 47 euros a megawatt hour. Germany's next working day, Oct. 4, traded 7.50 euros down from levels paid for Tuesday delivery to 42.40 euros.

  • GENEVA, Oct 2- The United Nations human rights office called on Tuesday for the immediate release of prominent activists and journalists it said had been arrested or intimidated as part of an apparent clampdown on critical voices ahead of next year's presidential election.